Mullen Automotive (NASDAQ:MULN) stock is in the green this morning after the electric vehicle (EV) company announced that it had received $150 million from existing shareholders to be “used in part” to complete the acquisition of Electric Last Mile Solutions’ (OTCMKTS:ELSMQ) assets. Notably, the most important asset is the ELMS production facility in Indiana, which has the capacity to produce 50,000 EVs per year. The facility previously produced General Motors’ (NYSE:GM) Hummer and helped contract-manufacture Mercedes-Benz’s (OTCMKTS:MBGYY) R-class vehicle.
Looking forward, the acquisition of the facility will help accelerate the release of the Bollinger Motors’ B1 and B2 trucks by “12-plus months,” while production of the FIVE Crossover will also move to the facility. The overall acquisition of ELMS’ assets includes intellectual property, raw materials and unfinished inventory as well.
Mullen CEO David Michery had the following to say about the new ELMS acquisition funding:
“We are excited to announce today that we have the funding in place to close on the ELMS asset acquisition […] We expect to close quickly on the ELMS transaction. This will accelerate the market introduction of our cargo van program and provide us with critical manufacturing capacity at a much lower investment than previously expected to supply the rest of our product portfolio.”
Meanwhile, the deadline for institutional investors to file a quarterly 13F form has passed. Let’s take a look at the largest shareholders of MULN stock.
5 Investors Betting Big on MULN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the third quarter, 97 13F filers reported owning MULN stock, an increase of 14 filers from the previous quarter. In total, these filers own 83.17 million shares of MULN stock, up from 33.81 million shares during Q2. Furthermore, the institutional put/call ratio sits at 0.44, down from 0.6. That’s equivalent to 5.86 million puts and 13.38 million calls, implying a bullish options stance.
With that in mind, let’s take a look at Mullen’s top shareholders. Note that this list only includes investors that filed a Q3 position update. For example, entrepreneur Terren Peizer reportedly owns 29.63 million shares, but that figure is only accurate as of Q1 2022.
- Robert Bollinger, CEO and founder of Bollinger Motors: 51.06 million shares. Bollinger received all 51.06 million shares during Q3 as party of a majority acquisition agreement.
- BlackRock (NYSE:BLK): 26.28 million shares. BlackRock purchased 18.41 million shares during Q3.
- Vanguard: 22.60 million shares. Vanguard purchased 9.88 million shares during Q3.
- Geode Capital Management: 6.38 million shares. Geode purchased 3.72 million shares during Q3.
- Qube Research and Technologies: 5.03 million shares. Qube purchased its entire stake in Q3.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.